Cowabunga System Daily Update: Wednesday, 02/27/2013

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Main Trend

Current Trend

The trend was DOWN the entire day.

Today I only looked for short trades.

News events to watch for today :

Today’s Surf

7:15am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD went from positive to negativeThis was a valid signal. I entered at the close of the candle at 1.5118 with a stop at the most recent swing high at 1.5152. Since I was 18 pips away from the nearest 50 or 00 level, I put my initial target at 1.5100.

Entry: Short at 1.5118; Stop: 1.5152; Target: 1.5100

7:45am EST- Unfortunately I was stopped out of my trade. (-34 pips)

10:45am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD went from positive to negativeThis was a valid signal. I entered at the close of the candle at 1.5135 with a stop at the most recent swing high at 1.5188. Since I was 35 pips away from the nearest 50 or 00 level, I put my initial target at 1.5100.

Entry: Short at 1.5135; Stop: 1.5188; Target: 1.5100

11:45am EST- My target wasn’t hit by this time. Since it was about to be 12 noon EST, I decided to manually exit my trade. I got out at 1.5126. (+9 pips)

entry2

Trade Result: -34 +9= -25 pips R-Multiple: -1.00; 0.16

News events to watch for Thursday:

For a complete list of news events check out our Forex Economic Calendar.
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